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FSA to complete CP121 by Christmas

The FSA will have a final solution to depolarisation by Christmas, Michael Folger, the FSA's directo...

The FSA will have a final solution to depolarisation by Christmas, Michael Folger, the FSA's director for Conduct of Business Standards, has told the annual Tenet Group conference.

He also says that the FSA is specifically thinking of dropping its description and definition of a "2-tier" system of advisers in favour of the proposals put forward by AIFA and other groups in favour of "focused" or "tailored" advisers for dealing with lower income earners needing advice.

Folger adds the FSA is rethinking its proposals on DPS in the face of strong criticism contained in the responses it received.

FSA officials have confirmed there will be more correspondance issued by the FSA is the autumn, however, the regulator intends to complete all discussions and lay out final plans by the end of the year.

Folger adds that the FSA believes the depolarisation process will be complete by the second half of 2003, which means it will be at least another year before the new rules are in place.

There is also likely to be calls from the FSA for the government, in particular the Treasury, to do more to take part in the solution, as he says: "there are levers that only government can pull in this sector."

"We need to work together to implement rule changes that make sense," says Folger.

Folger says the FSA is aware that Ron Sandler may come with some views on the balance between regulations and the availability of products.

He also agrees with AIFA director general Paul Smee as to the timing of the release of the Sandler review being on 9 or 16 July.